Cathedral Terrace Inc

Nonprofit profile at a glance

EIN
237301688
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Jacksonville, FL, USA
Phone
9048071203
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing
Affiliation
Christianity

Reported finances

Revenue
$57,122
Expenses
$821,982
Assets
$750,952
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • TERESA K BARTON (PAST CEO)
  • SAMUEL P HALL (CEO)

Highest reported compensation

  • TERESA K BARTON (PAST CEO): $350,634 total reported compensation
  • SAMUEL P HALL (CEO): $215,104 total reported compensation
  • LEE E WILSON (CFO): $175,214 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Formerly, the organization's purpose was to provide housing for the elderly through a federally financed project under section 236 of the national housing act. In 2016, the organization sold its real estate and became a partner in cathedral redevelopment associates, llc, the company created to redevelop the property for the same use. As a partner, the organization received development fees related to the substantial rehabilitation of the real estate that it formerly operated. Final development fees were received in 2019. During those years, those fees were donated to community senior services, inc. (a related organization)to support its mission of providing essential and innovative resources to elders in need. Currently, the organization exists solely to collect the note receivable from the aforementioned sale. When principal and interest payments are received on that note, the organization in turn donates the excess available funds to community senior services, inc.(a related organiza

What it reported doing in 2024

The organization received principal and interest payments on its note receivable and donated those funds to community senior services inc. To support the mission of providing services to the elderly in the greater jacksonville area.

Operating model

Revenue model
Investment-supported. 77% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 73
  • Accountability: 91
  • Sustainability: 19
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1,339%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 0.91; rating input score 23; 23rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 13.7%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: -17.7% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: -15.7% per year; rating input score 0; 24th percentile among comparable filings
  • Asset growth: -7.2% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $822K in reported program spending
  • Leadership: top reported pay $351K · 14 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 23/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.